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Sotheby’s sales down 31% amid overall auction market slowdown

August 10, 2016

THE ART NEWSPAPER | Dan Duray:

Sotheby’s president and CEO Tad Smith described a drop of 31% in overall sales volume and described an art market facing many difficulties during the auction house’s second quarter earnings call on Monday morning.

“There are a number of geo-political, macroeconomic, commodity pricing and financial market uncertainties that leave the art market with a paradox,” Smith said. “On the one hand, collectors are still buying top quality works of art in well-curated sales. On the other hand, consignors who have the luxury of discretion are showing a bit of reluctance to sell their work at this time.”… Read more